JPMorgan's CEO argued that yield-bearing stablecoins should face the same regulatory requirements as bank deposits amid policy negotiations.
The crypto industry has spent years asking Washington for clear rules. It may be getting closer to an answer. JPMorgan analysts are now predicting that the Clarity Act — a sweeping bill designed to set formal ground rules for how digital assets are regulated in the US — will be signed into law by the middle of this year. If this timeline holds, it could prove to be one of the biggest changes in crypto policy within the US. Related Reading: Bitcoin In The Line Of Fire: Price Dips To $63k As US, Israel Launch Strikes On Iran What The Clarity Act Actually Does At its heart, this is a bill about structure. The reality is that currently, there is a lack of a unified structure or framework regarding how crypto is classified or traded within the US. Different bodies have taken different stances on the issue, leaving businesses to wonder what is or isn’t allowed. The Clarity Act aims to fix that by establishing a clear set of rules that applies across the board — covering everything from how tokens are categorized to which regulatory bodies have authority over them. A JPMorgan Chase report says the U.S. CLARITY Act could pass by mid-year and serve as a second-half catalyst, bringing regulatory clarity, ending “regulation by enforcement,” boosting tokenization, and supporting institutional adoption. Key debates involve stablecoin yield… — Wu Blockchain (@WuBlockchain) March 2, 2026 According to JPMorgan’s team of analysts, led by managing director Nikolaos Panigirtzoglou, the bill’s approval could act as a meaningful turning point for the broader crypto market. Reports say the bank believes the legislation may help push prices upward in the second half of 2026, even as sentiment across crypto markets remains negative right now. The bank’s view is that regulatory certainty, once delivered, tends to attract institutional money that has been sitting on the sidelines. But the bill is not there yet. Two unresolved disputes have kept it from moving forward. The first involves stablecoins — digital currencies pegged to traditional assets like the US dollar. Crypto firms want stablecoin holders to be able to earn rewards on their holdings, similar to interest. Banks are pushing back hard, arguing that offering those returns would pull customer deposits away from conventional financial institutions and undermine the broader banking system. A Political Fight Is Slowing Things Down The second obstacle is a bit more political in nature, as democratic lawmakers have been advocating for a clause to be included in the bill, which would prohibit senior government officials, including US President, Donald Trump, and his family, from owning any financial interest in crypto projects. The provision is widely seen as a direct reference to Trump, whose family has been linked to various crypto ventures. The White House has reportedly hosted several meetings to work through these disagreements, but no resolution has been reached. Related Reading: Crypto’s Quietest Month In Nearly A Year — But Hackers Haven’t Gone Away A March 1 deadline that had been floated as a possible target for progress came and went without any meaningful announcement. Reports note that industry observers had already signaled weeks in advance that the deadline was unlikely to produce results, and that turned out to be accurate. Negotiations are ongoing, though the pace has frustrated those who were hoping for a faster resolution. Featured image from Vecteezy, chart from TradingView
The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.
Even as crypto sentiment remains weak, JPMorgan analysts see the possible mid-year approval of U.S. market structure legislation as a positive catalyst.
JPMorgan said the long-awaited Clarity Act would bring regulatory clarity, boost institutional participation and accelerate tokenization across U.S. crypto markets.
The Hong Kong-based stablecoin payments firm RedotPay is reportedly exploring a U.S. IPO that could raise over $1 billion, per Bloomberg.
BlackRock, Apollo, and Citadel have acquired or agreed to acquire DeFi tokens. Here’s why and what it really signals.
Ethereum’s tokenized real-world asset market cap has topped $17 billion, up nearly 315% year over year as more TradFi giants move onchain.
Lack of privacy is a barrier to both everyday and institutional use of crypto and blockchain technology, CZ and institutions argue.
JPMorgan’s bitcoin production cost estimate, which has served as a support level, has fallen to $77,000 from $90,000.
The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.
JPMorgan and Compass Point were among the sell-side teams trimming price targets on HOOD.
Bitcoin’s role in big-money talks has shifted in recent weeks. Reports say analysts at JPMorgan now see Bitcoin as more attractive than gold for long-term investors once you adjust how risk is counted. That’s a notable twist given how deeply gold has been ingrained as the go-to safe haven for decades. Related Reading: Russia’s Biggest Exchange To Launch XRP Indices And Futures Gold’s climb has been hard to ignore. After swinging wildly, gold prices rallied back to around $5,000 per ounce following a sharp sell-off earlier in February, with major banks projecting further strength later in 2026. This rebound came after gold reached record highs, and JPMorgan even forecasts it could hit roughly $6,300 per ounce by year-end. At the same time, Bitcoin’s own numbers have looked shaky. Since peaking above $126,000, Bitcoin has slid nearly 50%, settling nearer $65,000-$70,000 in early February. That plunge left BTC below its estimated production cost of around $87,000, according to analysts. A Bridge Between Price And Risk Reports say the real math behind JPMorgan’s view isn’t just about where these assets sit today. It’s about how wild their price swings have been. The soaring price came with rising unpredictability — gold’s volatility has spiked as markets reacted to geopolitical upheaval and macroeconomic moves. Meanwhile, Bitcoin’s volatility has softened from its usual extremes. This convergence shows up in what’s called the bitcoin-to-gold volatility ratio. According to JPMorgan, that ratio has plunged to around 1.5, a record low. On its face, that means Bitcoin is carrying only about 1.5 times the risk of gold — tighter than historical norms. That shift makes risk-adjusted returns more competitive for BTC. Under this framework, analysts figure Bitcoin’s market capitalization would have to rise dramatically to match the roughly $8 trillion private sector investment held in gold. If that happened, implied models point to Bitcoin prices near $266,000. JPMorgan says that is not an expected short-term target, but the theoretical math illustrates how much room exists if sentiment changes. Market Movements Tell Another Story In the broader market, tokens like XRP, Ethereum, and Solana have been caught up in the same risk sell-off that clipped Bitcoin. These cryptos have seen sharp drops in recent sessions as traders fled riskier bets, testing buying interest and liquidity conditions. Moves like these show that the relative calm in volatility isn’t guaranteed to last, especially when markets tighten. Gold’s oscillations have also tested investor nerves. Earlier in 2026, gold endured some of its most extreme swings ever — including double-digit plunges and rebounds that challenged its reputation as the “stable” safe haven. But the rebound to near $5,000 per ounce underlines demand from defensive buyers. Related Reading: Polygon Hits $3.50 Billion In Payments As Crypto Activity Expands What Investors Are Weighing Based on reports, JPMorgan’s stance doesn’t say Bitcoin will instantly replace gold in portfolios. Instead, analysts are noting how relative risk and reward are being measured today. Bitcoin’s lower recent volatility plus its huge theoretical upside based on gold’s market size make it a compelling candidate for some long-range thinking. Featured image from Unsplash, chart from TradingView
That target is “unrealistic” this year, but possible “over the long term” once negative sentiment reverses, according to the analysts.
Shares of mining companies rose last month despite softer bitcoin prices as storms cut the network hashrate and AI optimism grew, the bank said.
Indeed, since the JPMorgan report was published on Wednesday, both silver and gold have pulled back from recent highs.
Gold and other hard assets are rallying on dollar weakness, but bitcoin is lagging as markets continue to treat it as a liquidity-sensitive risk asset.
President Trump reportedly sued JPMorgan Chase and its CEO Jamie Dimon over allegedly debanking multiple accounts tied to the president.
A record surge in activity on the Ethereum network is likely being driven by scam-related behavior rather than genuine user growth, according to the bank's analysts.
"Historically, Ethereum’s successive upgrades have failed to meaningfully enhance network activity on a sustained basis."
The Fusaka upgrade raised usage, but pressure from layer-2 networks and rival blockchains continues to cloud Ethereum's long-term growth outlook.
U.S.-listed bitcoin miners entered 2026 with rising revenues, improving margins and recovering valuations, setting a more constructive near-term backdrop.
According to analysts at JPMorgan, crypto-focused exchange-traded funds (ETFs), particularly for Bitcoin (BTC), are expected to see inflows in 2026 that will far exceed those from 2025. Led by Nikolaos Panigirtzoglou, the analysis highlights a significant trend where capital flowing into the crypto market through ETFs reached a record high of $130 billion last year, driven by a growing interest in digital asset treasuries (DATs). DAT Companies Lead Crypto Inflows In 2025 Panigirtzoglou explained that the inflows observed in 2025 were largely attributed to Bitcoin and Ethereum (ETH) ETFs, which the analyst suggests were primarily fueled by retail investors, as well as Bitcoin acquisitions by DAT companies. In contrast, participation from institutional investors and hedge funds, as indicated by the buying activity in Bitcoin and Ethereum Chicago Mercantile Exchange (CME) futures, appeared to have declined compared to 2024. Related Reading: Zcash Foundation Investigation Closed: SEC Decision Sparks 12% Jump In ZEC Price The analysts noted that over half of the total digital asset inflows in 2025, approximately $68 billion, came from DAT companies. Another $23 billion was attributed to formal strategies, marking a slight increase from $22 billion in Bitcoin buying from the previous year. Notably, other DATs acquired about $45 billion in digital assets, a significant rise from just $8 billion in 2024. However, most of these purchases occurred earlier in the year, and by October, the momentum in crypto buying from DATs had markedly decreased. Crypto venture capital funding also contributed to the overall capital flows, though this area remained substantially lower than the peaks experienced in 2021 and 2022. While total crypto venture capital funding saw a modest increase in 2025 compared to 2024, the number of deals declined sharply, and investment activity became increasingly concentrated in later-stage funding rounds. JPMorgan further suggested that this muted growth in venture funding was, in part, due to the increasing allocation of capital toward DATs. Funds that might have otherwise been directed to early-stage startups were increasingly diverted toward treasury strategies that provide immediate liquidity. Regulatory Changes Anticipated To Boost Institutional Interest Looking forward, the analysts expect a rebound in institutional crypto flows in 2026, which could be spurred by the anticipated passage of additional regulatory measures, such as the Crypto Market Structure Bill (CLARITY Act) in the US. This anticipated legislation is expected to further entrench institutional adoption of digital assets, along with renewed institutional engagement in areas like venture capital funding, mergers and acquisitions, and initial public offerings (IPOs). Related Reading: Crypto Market Bill Draft Criticized For Allowing Continued Developer Prosecution However, the expected markup of this bill has been delayed late on Wednesday, as crypto industry leaders, including the cryptocurrency exchange Coinbase (COIN), have withdrawn their support for the legislation. This is attributed to issues related to key provisions, which the firm’s CEO, Brian Armstrong, has described as making this version “materially worse than the current status quo”. At the time of writing, the market’s leading cryptocurrency, Bitcoin, was trading at $96,050, having recorded gains of 10% over the previous fourteen days, as broader inflows have already returned to the market since the beginning of the year. Featured image from DALL-E, chart from TradingView.com
The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.
BofA CEO Brian Moynihan echoed other banks in warning that $6 trillion in bank deposits were at stake, even as he said the bank will “be fine.”
The bank said global capital moving into digital assets hit a record last year and is poised to grow further as institutional investors return.
The expected increase is likely to be supported by additional crypto regulation, including the passage of the Clarity Act in the U.S.
JPMorgan predicted the Federal Reserve will hold rates unchanged this year, followed by a hike next year.
The ABA sent a letter to the U.S. Senate, saying stablecoins that offer yields will affect its banking members ability to grant loans, but JPMorgan disagrees.